An analysis of dozens of local associations’ annual reports shows that membership is declining rapidly amid warnings that Tory voters are defecting to the UK Independence Party. The report of one group in Buckinghamshire simply states: “There is no money.”

Tory membership has almost halved to 134,000 since David Cameron became leader in 2005.

The Prime Minister’s relationship with activists has come under mounting strain in recent months. The Daily Telegraph disclosed in May that a member of his inner circle had described Conservative association members as “mad, swivel-eyed loons”.

While all three main parties’ membership has fallen in recent years, Ukip’s has risen dramatically, from 15,535 in 2010 to 30,780 today. The annual report for the Chesham and Amersham Conservative Association, written by Andrew Garnett, its chairman since 2011, said: “There is no money. The money has run out.

“This is the situation [the association] finds itself in as we enter 2013. Put very simply the level of membership subscriptions has fallen by in excess of 300 over my time as chairman. The money raised from social events has fallen off a cliff.”

The downward trend in membership began when the Government announced the HS2 scheme, the report said. “Our membership has fallen, activists have resigned, and branches have folded as a result of this folly.”

Cheryl Gillan, the constituency’s MP, has been a vocal opponent of the £50 billion HS2 line.

Similarly, associations from across the country have reported falling membership.

The Loughborough association’s annual report said it had lost 10 per cent of membership income in the past year.

The Bournemouth East report said: “Declining membership makes it difficult to fund-raise … the deficit incurred in the last year has reduced the net current assets.” Bob Woollard, the chairman of the Conservative Grassroots organisation, said: “Members are leaving the party because they are not seeing Tory policies.

“The way the same-sex marriage legislation was handled really upset a lot of people.

“Grassroots members are fed up to the back teeth of the Lib Dem tail wagging the dog. A lot of other issues like HS2 and fracking have also been badly handled and have upset a lot of activists.

“People feel like they are being taken for granted.” A Labour Party source said: “It shows how out of touch David Cameron is with the country that activists are deserting Conservative associations.”

Douglas Carswell, the Tory MP for Clacton, has previously warned that the party is “haemorrhaging” members because of Mr Cameron and his “remote clique” at Westminster.

The Tories are attempting to recruit tens of thousands of members ahead of the election.

A senior source said that building “the activist base” was a “key strategy for winning in 2015”.